Less than a month ago, Sprint, which already owns a 50% stake in Clearwire, announced its plans to purchase the remaining 50 percent at $2.97 per share — a deal worth $2.2 billion. Now, things are getting interesting, as Clear has noted that it is (obviously) limited in its ability to “enter into strategic transactions” due to “current contractual arrangements.”

Clearwire’s Board of Directors have cited “fiduciary duties” as the reason behind its move to “engage with DISH to discuss, negotiate and/or provide information in connection with the DISH Proposal.” At the moment, however, nothing has changed in terms of the board’s recommendation to pursue the current Sprint transaction.

Clear explained that this DISH proposal is “only a preliminary indication of interest and is subject to numerous, material uncertainties and conditions.” The terms of the proposal state that DISH Network would “purchase certain spectrum assets from Clearwire, enter into a commercial agreement with Clearwire, acquire up to all of Clearwire’s common stock for $3.30 per share…and provide Clearwire with financing on specified terms.” The proposal requires a minimum of 25% ownership — a maximum of “up to all of Clearwire’s common stock.”

In response, Sprint has called the proposal “illusory, inferior to the Sprint transaction and not viable.”